Mar 31, 2018
1.1 Summary of Significant Accounting policies
a. REVENUE RECOGNITION:
a) Interest Income on Loan. On Accrual basis in line with prudential norms issued by Reserve Bank of India for N.B.F.C.
b) Overdue Interest Accounted on receipt basis.
c) Dividend Accounted on right to receive basis.
d) Bank charges recovered from the Accounted at the time of loan disbursement to the customers and brokerage paid to customer. dealers and franchisees for the total loan tenure
b. PROPERTY, PLANT & EQUIPMENT AND DEPRECIATION:
a) Property, Plant & Equipment are stated at the cost of acquisition and installation.
b) Depreciation on Property, Plant & Equipment is provided on Straight Line method in the manner prescribed in Schedule II of the Companies Act, 2013 (as amended).
c. IMPAIRMENT OF ASSETS
An asset is treated as impaired when the carrying cost of assets exceeds the recoverable value. An impairment loss is charged to the Profit and Loss account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
d. HYPOTHECATION LOAN STOCK:
Recoverable under Hypothecation Loan stock are exclusive of Unmatured Interest after deducting amount received / receivable during the year. Loans secured by Hypothecation of vehicles / Mortgage includes Rs.167.54 (P.Y. Rs.87.09) outstanding Portfolio on which NPA provision of Rs.18.06 (P.Y. Rs 8.56) has been made.
e. REPOSSESSED ASSETS
Repossessed assets represent assets taken back from customers but pending for realization and valued at termination value or estimated realizable value, whichever is lower.
f. INVESTMENTS:
Non Current Investments are stated at cost of acquisition less provision made_for the decline, other than temporary, in the value of investments.
Current Investments are stated at lower of cost of acquisition or fair value, determined by category of investment.
g. PROVISION FOR NON PERFORMING ASSETS:
(a) Provision / write off for Non Performing Assets is made as per the prudential norms issued by the Reserve Bank of India.
(b) Interest income to the extent remaining unrealized on assets classified as NPA is reversed in Profit & Loss account by debit / reducing âInterest on loan accountâ with corresponding credit to the customer account. Such reversal is credited to âInterest on loan accountâ to the extent of realization in the subsequent year.
h. EMPLOYEES BENEFIT:
Defined contribution plan: Provident fund contribution is charged to Profit and Loss Account as incurred.
Defined Benefit plan: The Company has an employee gratuity fund managed by LIC of India. The present value of the obligation under this plan is determined based on the actuarial valuation using the projected unit credit method. Actuarial gain or loss is charged to Profit and Loss account.
i. TAXES ON INCOME.
(a) Current tax is determined on the basis of taxable income computed in accordance with the provisions of the Income Tax Act, 1961.
(b) Deferred tax is recognized on timing differences, being the difference between taxable income and accounting income that originates in one period and is capable of reversal in one or more subsequent periods. Where there is unabsorbed depreciation or carried forward losses, Deferred Tax Assets are recognized only if there is virtual certainty of realization of such assets. Other deferred tax assets are recognized only to the extent there is reasonable certainty of realization in future. Such assets are reviewed at each Balance Sheet date to reassess realization.
(c) Deferred Tax Assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantially enacted by the Balance Sheet date.
j. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.
k. USE OF ESTIMATES:
The presentation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known/ materialized.
l. CASH & CASH EQUIVALENTS:
Cash & Cash Equivalents for the purposes of cash flow comprises of cash at bank & in hand and short term fixed deposits with an original maturity of three months or less.
Mar 31, 2015
A. REVENUE RECOGNITION:
a) Interest Income on Loan. On Accrual basis in line with
prudential norms
issued by Reserve Bank of India
for N.B.F.C.
b) Overdue Interest Accounted on receipt basis.
c) Dividend Accounted on right to receive basis.
d) Bank charges recovered from Accounted at the time of loan
the customers and brokerage disbursement to the customer.
paid to dealers and
franchisees for the total loan
tenure
b. FIXED ASSETS AND DEPRECIATION:
a) Fixed assets are stated at the cost of acquisition and installation.
b) Depreciation on Fixed Assets is provided on Straight Line method in
the manner prescribed in Schedule II of the Companies Act, 2013 (as
amended).
c) The Company has revised depreciation rate on fixed assets as per
useful lives specified in Schedule II of the Companies Act 2013. The
carrying value of fixed assets (net of deferred tax) whose useful life
has been completed on 31st March 2014, has been recognized in the
opening balance of retained earnings. The consequential impact on the
depreciation charged and on the results as above is not material
c. IMPAIRMENT OF ASSETS
An asset is treated as impaired when the carrying cost of assets
exceeds the recoverable value. An impairment loss is charged to the
Profit and Loss account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been a change in the estimate of recoverable
amount.
d. HYPOTHECATION LOAN STOCK:
Recoverable under Hypothecation Loan stock are exclusive of Unmatured
Interest after deducting amount received / receivable during the year.
e. REPOSSESSED ASSETS
Repossessed assets represent assets taken back from customers but
pending for realization and valued at termination value or estimated
realizable value, whichever is lower.
f. INVESTMENTS:
Non Current Investments are stated at cost of acquisition less
provision made for the decline, other than temporary, in the value of
investments.
Current Investments are stated at lower of cost of acquisition or fair
value, determined by category of investment.
Premium paid on purchase of Govt. securities to be held till maturity
for the purpose of SLR requirement is amortized in the year of
purchase.
g. PROVISION FOR NON PERFORMING ASSETS:
(a) Provision / write off for Non Performing Assets is made as per the
prudential norms issued by the Reserve Bank of India.
(b) Interest income to the extent remaining unrealized on assets
classified as NPA is reversed in Profit & Loss account by debit /
reducing 'Interest on loan account' with corresponding credit to the
customer account. Such reversal is credited to 'Interest on loan
account' to the extent of realization in the subsequent year.
h. EMPLOYEE BENEFITS:
Defined contribution plan: Provident fund contribution is charged to
Profit and Loss Account as incurred.
Defined Benefit plan: The Company has an employee gratuity fund managed
by LIC of India. The present value of the obligation under this plan is
determined based on the actuarial valuation using the projected unit
credit method. Actuarial gain or loss is charged to Profit and Loss
account.
i. TAXES ON INCOME.
(a) Current tax is determined on the basis of taxable income computed
in accordance with the provisions of the Income Tax Act, 1961.
(b) Deferred tax is recognized on timing differences, being the
difference between taxable income and accounting income that originates
in one period and is capable of reversal in one or more subsequent
periods. Where there is unabsorbed depreciation or carried forward
losses, Deferred Tax Assets are recognized only if there is virtual
certainty of realization of such assets. Other deferred tax assets are
recognized only to the extent there is reasonable certainty of
realization in future. Such assets are reviewed at each Balance Sheet
date to reassess realization.
(c) Deferred Tax Assets and liabilities are measured using the tax
rates and tax laws that have been enacted or substantially enacted by
the Balance Sheet date.
j. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
k. USE OF ESTIMATES:
The presentation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known/ materialized.
l. CASH & CASH EQUIVALENTS:
Cash & Cash Equivalents for the purposes of cash flow comprises of cash
at bank & in hand and short term fixed deposits with an original
maturity of three months or less.
Mar 31, 2014
A. REVENUE RECOGNITION:
a) Hire Charges, Interest Income On Accrual basis in line with
on Loan. prudential norms issued by
Reserve Bank of India for
N.B.F.C.
b) Overdue Interest Accounted on receipt basis.
c) Dividend Accounted on right to receive
basis.
d) Bank charges recovered from Accounted at the time of loan
the customers and brokerage disbursement to the customer.
paid to dealers and franchisees
for the total loan tenure
b. FIXED ASSETS AND DEPRECIATION:
a) Fixed assets are stated at the cost of acquisition and installation.
b) Depreciation on Fixed Assets is provided on Straight Line method at
the rates and in the manner prescribed in Schedule XIV of the Companies
Act, 1956 (as amended).
c. IMPAIRMENT OF ASSETS:
An asset is treated as impaired when the carrying cost of assets
exceeds the recoverable value. An impairment loss is charged to the
Profit and Loss account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been a change in the estimate of recoverable
amount.
d. HYPOTHECATION LOAN STOCK:
Recoverable under Hypothecation Loan stock are exclusive of Unmatured
Interest after deducting amount received / receivable during the year.
e. REPOSSESSED ASSETS
Repossessed assets represent assets taken back from customers but
pending for realization and valued at termination value or estimated
realizable value, whichever is lower.
f. INVESTMENTS:
Non Current Investments are stated at cost of acquisition less
provision made_for the decline, other than temporary, in the value of
investments.
Current Investments are stated at lower of cost of acquisition or fair
value, determined by category of investment.
Premium paid on purchase of Govt. securities to be held till maturity
for the purpose of SLR requirement is amortized in the year of
purchase.
g. PROVISION FOR NON PERFORMING ASSETS:
(a) Provision / write off for Non Performing Assets is made as per the
prudential norms issued by the Reserve Bank of India.
(b) Interest income to the extent remaining unrealized on assets
classified as NPA is reversed in Profit & Loss account by debit /
reducing ''Interest on loan account'' with corresponding credit to the
customer account. Such reversal is credited to ''Interest on loan
account'' to the extent of realization in the subsequent year.
h. EMPLOYEE BENEFITS:
Defined contribution plan: Provident fund contribution is charged to
Profit and Loss Account as incurred. Defined Benefit plan: The Company
has an employee gratuity fund managed by LIC of India. The present
value of the obligation under this plan is determined based on the
actuarial valuation using the projected unit credit method. Actuarial
gain or loss is charged to Profit and Loss account.
i. TAXES ON INCOME.
(a) Current tax is determined on the basis of taxable income computed
in accordance with the provisions of the Income Tax Act, 1961.
(b) Deferred tax is recognized on timing differences, being the
difference between taxable income and accounting income that originates
in one period and is capable of reversal in one or more subsequent
periods. Where there is unabsorbed depreciation or carried forward
losses, Deferred Tax Assets are recognized only if there is virtual
certainty of realization of such assets. Other deferred tax assets are
recognized only to the extent there is reasonable certainty of
realization in future. Such assets are reviewed at each Balance Sheet
date to reassess realization.
(c) Deferred Tax Assets and liabilities are measured using the tax
rates and tax laws that have been enacted or substantially enacted by
the Balance Sheet date.
j. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
k. USE OF ESTIMATES:
The presentation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known/ materialized.
l. CASH & CASH EQUIVALENTS:
Cash & Cash Equivalents for the purposes of cash flow comprises of cash
at bank & in hand and short term fixed deposits with an original
maturity of three months or less.
Mar 31, 2013
A. REVENUE RECOGNITION:
a) Hire Charges, Interest Income on Loan. On Accrual basis in line
with prudential norms issued by Reserve Bank of India for N.B.F.C.
b) Overdue Interest Accounted on receipt basis.
c) Dividend Accounted on right to receive basis.
d) Bank charges recovered from the Accounted at the time of loan
customers and brokerage paid to dealers disbursement to the customer.
and franchisees for the total loan tenure
b. FIXED ASSETS AND DEPRECIATION:
a) Fixed assets are stated at the cost of acquisition and installation.
b) Depreciation on Fixed Assets is provided on Straight Line method at
the rates and in the manner prescribed in Schedule XIV of the Companies
Act, 1956 (as amended).
c. IMPAIRMENT OF ASSETS
An asset is treated as impaired when the carrying cost of assets
exceeds the recoverable value. An impairment loss is charged to the
Profit and Loss account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been a change in the estimate of recoverable
amount
d. HYPOTHECATION LOAN STOCK:
Recoverable under Hypothecation Loan stock are exclusive of Unmatured
Interest after deducting amount received / receivable during the year.
e. REPOSSED ASSETS
Repossessed assets represent assets taken back from customers but
pending for hypothecation business or outright sale, and valued at
termination value or estimated realizable value, whichever is lower.
f. INVESTMENTS:
Non Current Investments are stated at cost of acquisition less
provision madejor the decline, other than temporary, in the value of
investments.
Current Investments are stated at lower of cost of acquisition or fair
value, determined by category of investment.
Premium paid on purchase of Govt, securities to be held till maturity
for the purpose of SLR requirement is amortized in the year of
purchase.
g. PROVISION FOR NON PERFORMING ASSETS:
(a) Provision / write off for Non Performing Assets is made as per the
prudential norms issued by the Reserve Bank of India.
(b) Interest income to the extent remaining unrealized on assets
classified as NPA is reversed in Profit & Loss account by debit /
reducing ''Interest on loan account'' with corresponding credit to the
customer account. Such reversal is credited to ''Interest on loan
account'' to the extent of realization in the subsequent year.
h. EMPLOYEE BENEFITS:
Defined contribution plan: Provident fund contribution is charged to
Profit and Loss Account as incurred.
Defined Benefit plan: The Company has an employee gratuity fund managed
by LIC of India. The present value of the obligation under this plan is
determined based on the actuarial valuation using the projected unit
credit method. Actuarial gain or loss is charged to Profit and Loss
account.
i. TAXES ON INCOME.
(a) Current tax is determined on the basis of taxable income computed
in accordance with the provisions of the Income Tax Act, 1961.
(b) Deferred tax is recognized on timing differences, being the
difference between taxable income and accounting income that originates
in one period and is capable of reversal in one or more subsequent
periods. Where there is unabsorbed depreciation or carried forward
losses, Deferred Tax Assets are recognized only if there is virtual
certainty of realization of such assets. Other deferred tax assets are
recognized only to the extent there is reasonable certainty of
realization in future. Such assets are reviewed at each Balance Sheet
date to reassess realization.
c) Deferred Tax Assets and liabilities are measured using the tax rates
and tax laws that have been enacted or substantially enacted by the
Balance Sheet date.
j. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events ar 1 it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
k. USE OF ESTIMATES:
The presentation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known/ materialized.
I. CASH & CASH EQUIVALENTS:
Cash & Cash Equivalents for the purposes of cash flow comprises of cash
at bank & in hand and short term fixed deposits with an original
maturity of three months or less.
Mar 31, 2012
A. REVENUE RECOGNITION:
a) Hire Charges, Interest Income on Loan and Income from Lease
transactions.
On Accrual basis in line with prudential norms issued by Reserve Bank
of India for N.B.F.C.
b) Overdue Interest Accounted on receipt basis.
c) Dividend Accounted on right to receive basis.
d) Bank charges recovered from the customers and brokerage paid to
dealers and franchisees for the total loan tenure
Accounted at the time of loan disbursement to the customer.
b. FIXED ASSETS AND DEPRECIATION:
a) Fixed assets are stated at the cost of acquisition and installation.
b) Depreciation on Fixed Assets is provided on Straight Line method at
the rates and in the manner prescribed in Schedule XIV of the Companies
Act, 1956 (as amended).
c. IMPAIRMENT OF ASSETS
An asset is treated as impaired when the carrying cost of assets
exceeds the recoverable value. An impairment loss is charged to the
Profit and Loss account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been a change in the estimate of recoverable
amount
d. HYPOTHECATION LOAN STOCK:
Recoverable under Hypothecation Loan stock are exclusive of Unmatured
Interest after deducting amount received / receivable during the year.
e. REPOSSED ASSETS
Repossessed assets represent assets taken back from customers but
pending for hypothecation business or outright sale, and valued at
termination value or estimated realizable value, whichever is lower.
f. INVESTMENTS:
Non Current Investments are stated at cost of acquisition less
provision madefor the decline, other than temporary, in the value of
investments.
Current Investments are stated at lower of cost of acquisition or fair
value, determined by category of investment.
Premium paid on purchase of Govt. securities to be held till maturity
for the purpose of SLR requirement is amortized in the year of
purchase.
g. PROVISION FOR NON PERFORMING ASSETS:
(a) Provision / write off for Non Performing Assets is made as per the
prudential norms issued by the Reserve Bank of India.
(b) Interest income to the extent remaining unrealized on assets
classified as NPA is reversed in Profit & Loss account by debit /
reducing 'Interest on loan account' with corresponding credit to
the customer account. Such reversal is credited to 'Interest on loan
account' to the extent of realization in the subsequent year.
h. EMPLOYEE BENEFITS:
Defined contribution plan: Provident fund contribution is charged to
Profit and Loss Account as incurred.
Defined Benefit plan: The Company has an employee gratuity fund managed
by LIC of India. The present value of the obligation under this plan is
determined based on the actuarial valuation using the projected unit
credit method. Actuarial gain or loss is charged to Profit and Loss
account.
i. TAXES ON INCOME.
(a) Current tax is determined on the basis of taxable income computed
in accordance with the provisions of the Income Tax Act, 1961.
(b) Deferred tax is recognized on timing differences, being the
difference between taxable income and accounting income that originates
in one period and is capable of reversal in one or more subsequent
periods. Where there is unabsorbed depreciation or carried forward
losses, Deferred Tax Assets are recognized only if there is virtual
certainty of realization of such assets. Other deferred tax assets are
recognized only to the extent there is reasonable certainty of
realization in future. Such assets are reviewed at each Balance Sheet
date to reassess realization.
(c) Deferred Tax Assets and liabilities are measured using the tax
rates and tax laws that have been enacted or substantially enacted by
the Balance Sheet date.
j. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
k. USE OF ESTIMATES:
The presentation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known/ materialized.
l. CASH & CASH EQUIVALENT
Cash & cash Equivalent for the purposes of cash flow comprises of cash
at bank & in hand and Short term fixed deposits with an original
maturity of three months or less.
Mar 31, 2010
1) The Financial Statements have been prepared to comply with all
material aspects of the relevant provisions of the Companies Act, 1956
and the Companies (Accounting Standards) Rules 2006 issued by the
Central Government, and are based on the historical cost convention.
2) REVENUE RECOGNITION:
a) Hire Charges, Interest Income on On Accrual basis in line with
prudential norms Loan and Income
from Lease transactions. issued by Reserve Bank of India
for N.B.F.C.
b) Overdue Interest Accounted on receipt basis.
c) Dividend Accounted on right to receive
basis.
d) Bank charges recovered
from the customers Accounted at the time of loan
disbursement to
and brokerage paid to dealers
and the customer.
franchisees tor the total
loan tenure
3) FIXED ASSETS AND DEPRECIATION:
a) Fixed assets are stated at the cost of acquisition and installation.
b) Depreciation on Fixed Assets is provided on Straight Line method at
the rates and in the manner prescribed in Schedule XIV of the Companies
Act, 1956 (as amended).
4) IMPAIRMENT OF ASSETS:
An asset is treated as impaired when the carrying cost of assets
exceeds the recoverable value. An impairment loss is charged to the
Profit and Loss account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been a change in the estimate of recoverable
amount
5) HYPOTHECATION / LOAN STOCK:
Recoverable under Hypothecation / Loan stock are exclusive of Unmatured
Interest after deducting amount received / receivable during the year.
6) STOCK ON HAND:
Stock on hand represents assets re-possessed but pending for
hypothecation business or outright sale, and valued at termination
value or estimated realizable value, whichever is lower.
7) INVESTMENTS:
Long Term Investments are stated at cost of acquisition less provision
made_for the decline, other than temporary, in the value of
investments.
Current Investments are stated at lower of cost of acquisition or fair
value, determined by category of investment.
Premium paid on purchase of Govt, securities to be held till maturity
for the purpose of SLR requirement is amortized in the year of
purchase.
8) PROVISION FOR NON PERFORMING ASSETS:
(a) Provision / write off for Non Performing Assets is made as per the
prudential norms issued by the Reserve Bank of India.
(b) Interest income to the extent remaining unrealized on assets
classified as NPA is reversed in Profit & Loss account by debit /
reducing Interest on loan account with corresponding credit to the
customer account. Such reversal is credited to Interest on loan
account to the extent of realization in the subsequent year.
(c) Bad Debts / Hypo. Loans written off and short receipt on seized
assets are net of provision for NPA made there against in the previous
year/s.
9) EMPLOYEE BENEFITS:
Defined contribution plan: Provident fund contribution is charged to
Profit and Loss Account as incurred.
Defined Benefit plan: The Company has an employee gratuity fund managed
by LIC of India. The present value of the obligation under this plan is
determined based on the actuarial valuation using the projected unit
credit method. Actuarial gain or loss is charged to Profit and Loss
account.
10) TAXES ON INCOME.
(a) Current tax is determined on the basis of taxable income computed
in accordance with the provisions of the Income Tax Act, 1961.
(b) Deferred tax is recognized on timing differences, being the
difference between taxable income and accounting income that originates
in one period and is capable of reversal in one or more subsequent
periods. Where there is unabsorbed depreciation or carried forward
losses, Deferred Tax Assets are recognized only if there is virtual
certainty of realization of such assets. Other deferred tax assets are
recognized only to the extent there is reasonable certainty of
realization in future. Such assets are reviewed at each Balance Sheet
date to reassess realization.
(c) Deferred Tax Assets and liabilities are measured using the tax
rates and tax laws that have been enacted or substantially enacted by
the Balance Sheet date.
11) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
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